Deputy PM: Government will not raise public debt ceiling
The Government will not raise public debt ceiling in order to ensure debt payment capacity and balance the national financial system, said Deputy Prime Minister Vuong Dinh Hue during the hearing session of the 14th National Assembly’s fourth sitting on November 16.
Deputy Prime Minister Vuong Dinh Hue speaks at the hearing session of the 14th National Assembly’s fourth sitting (Source: VNA)
Hanoi (VNA) – The Government willnot raise public debt ceiling in order to ensure debt payment capacity andbalance the national financial system, said Deputy Prime Minister Vuong DinhHue during the hearing session of the 14th National Assembly’s fourth sittingon November 16.
The Deputy PM said in 2015, public debt hit the ceiling of 65 percent of grossdomestic product (GDP) and the Government debt exceeded 53 percent of GDP.
He highlighted the target of ensuring rapid, sustainable development in tandemwith addressing shortcomings of the national economy during 2016-2020,describing this as a hard task for the entire political system.
To that end, the Government has assigned the Ministry of Finance to review theproject on the restructuring of budget collection and spending, he said, addingthat the Politburo has also issued a resolution on measures to restructurestate budget and manage public debt to ensure a safe and sustainable nationalfinancial system.
Deputy PM Hue presented a number of solutions taken or to be taken by theGovernment by 2020, focusing on developing the market economy and combiningfiscal, monetary and other macro policies together.
He also underlined the need to push the restructuring of the economy and growthmodel, improve economic competitiveness and develop sustainably.
The official also talked about tax fraud in foreign investment attraction anddomestic tax management.-VNA
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State budget revenues falling short of the half-way mark in the first six months of the year is a normal feature of the domestic economy and does not preclude meeting the annual target.
The Government should consider international practices to re-define its public debt in the revised Law on Public Debt Management that is scheduled for submission to the National Assembly late this month.
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Deputy Prime Minister Vuong Dinh Hue speaks at the hearing session of the 14th National Assembly’s fourth sitting (Source: VNA) 
